European markets fluctuate


PARIS (Alliance News) – The European markets were trading close to the unchanged line on Friday, amid unimpressive data from China and rising tensions between Russia and Turkey. However, data showing that eurozone economic confidence remained unchanged in November partly reassured investors.

European Commission said eurozone economic confidence remained unchanged in November as increases in sentiment among consumers and in services and construction were offset by deteriorating confidence in manufacturing and retail trade. The economic confidence index came in at 106.1, unchanged from October. The expected score was 105.9.

Meanwhile, Germany’s import prices declined at the fastest pace seen this year in October, Destatis said. Import prices fell 4.1% year-on-year in October, bigger than September’s 4% decrease and a 3.9% drop forecast by economists. This was the biggest fall since January, when it plunged 4.4%.

UK house price growth softened in November, data published by the Nationwide Building Society showed. House prices advanced at a pace of 3.7% year-on-year in November, following October’s 3.9% increase. It was the weakest increase since August when prices climbed 3.2%.

Data showed industrial companies’ earnings in China fell for the fifth straight month and the country’s securities regulator urged domestic brokerages to cease financing clients’ stocks purchases through over-the-counter swap contracts. A lackluster set of data out of Japan also revived concerns about global economic growth.

The Euro Stoxx 50 index of eurozone bluechip stocks was losing 0.32%, while the Stoxx Europe 50 index, which includes some major UK companies, was falling 0.55%.

The German DAX, Switzerland’s SMI and the French CAC 40 were marginally higher, while the FTSE 100 index of the UK fell 0.2%.

In Frankfurt, Beiersdorf fell 1%. E.ON, Bayer and ThyssenKrupp were moderately lower.

Meanwhile, Infineon Technologies climbed 2.8%. Daimler and BMW are higher, while Volkswagen is languishing in negative territory.

In Paris, oil services firm Technip dropped 2.1% and luxury goods giant LVMH fell 1.1%.

Lenders were higher. Societe Generale gained 1.1%, BNP Paribas rose 0.75% and Credit Agricole added 0.2%.

In London, Anglo American declined 5.5%. Fresnillo and BHP Billiton rose 2.7% and 2.2%, respectively.

Rio Tinto declined 1.7%. The miner announced the approval for its USD1.9 billion Amrun bauxite project.

Most Asian stocks fell on Friday in response to a string of mostly weak data out of Japan and China and renewed tensions in the Middle East.

The US futures indicate a cautious open after the Thanksgiving Holiday. The markets will close early today and trading activity is expected to remain muted.

Crude for January delivery fell USD0.99 to USD42.05 per barrel, while December gold dropped USD6.7 to USD1063.3 a troy ounce.

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